10-K: Annual report pursuant to Section 13 and 15(d)

Published on February 23, 2007

 
 
                                                                                                    
Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratio of earnings to fixed charges on a reported basis for the periods indicated. Earnings consist of income (loss) from continuing operations plus fixed charges. Fixed charges consist of interest expense and amortization of deferred financing costs. We have calculated the ratio of earnings to fixed charges by adding net income (loss) from continuing operations to fixed charges and dividing that sum by such fixed charges.

RATIO OF EARNINGS TO
FIXED CHARGES
  
Year Ended December 31,
  
   
2002
  
2003
  
2004
  
2005
  
2006
  
(Loss) income from continuing operations
 
$
(2,561
)
$
27,770
 
$
13,371
  
$
37,355
 
$
56,042
 
Interest expense 
   
34,381
   
23,388
   
44,008
    
34,771
   
47,611
 
Income before fixed charges 
 
$
31,820
 
$
51,158
 
$
57,379
  
$
72,126
 
$
103,653
 
                                 
Interest expense
  
$
34,381
 
$
23,388
 
$
44,008
  
$
34,771
 
$
47,611
 
Total fixed charges
 
$
34,381
 
$
23,388
 
$
44,008
    
34,771
 
$
47,611
 
 
Earnings / fixed charge coverage ratio
    
*
    
2.2x
    
1.3x
    
2.1x
    
2.2x
  

* Our earnings were insufficient to cover fixed charges by $2,561 in 2002. In addition, our ratio of earnings to fixed charges has been revised to reflect the impact of the implementation of the Statement of Accounting Standard No. 144, Accounting for the Impairment and Disposal of Long-Lived Assets.